This might sound silly and might be way off base. But I was having a spark problem when I first did my swap, It had the same symtoms. I was chasing a rich conditon, but it was a weak/missing spark that was the problem.
The plugs would be wet if you pulled them. If it did happen to start it ran it ran like turd and stunk like raw gas. fouled up the plugs right away and usually sputtered and stalled.
Check yopur constant power going into coil, and make sure it's on the + terminal. Make sure you Green dwell wire is on the - terminal. Make sure you have a good ground on the motor, you need a good ground on the head for a good spark.
I'm just throwng that out there. There is a chance it could be numerous other things. A jammed up fuel pressure regulator, pinched return line. Injector ground fault, low voltage will cause a run rich, but usually not to the point you are describing.
Also check to make sure your WOT and Idle switches are wired correctly (reversed will cause a no run/spewing black over fueling at idle) or that your WOT switch or wiring is not damaged and constantly telling the ECU your are WOT.